ME Online Savings Account

ME Online Savings Account

Maximum Variable Rate


Standard Variable Rate


Earn a highly competitive 2.95% p.a. on your hard-earned savings (conditions apply).

  • Ongoing 2.95% p.a. variable rate (conditions apply)
  • Link to a ME Everyday account and make a weekly tap & go purchase
  • $0 Account keeping and transaction fees
  • Available on balances up to $250,000

Product details

Open a ME Online Savings Account as well as a ME Everyday Transaction Account and make a weekly Tap & Go purchase using your Debit Mastercard. To take advantage of the bonus interest rate, you'll need to link it with a ME Transaction Account within 14 days.

There is no minimum amount for the weekly purchase to receive the bonus interest rate with the ME Everyday Transaction Debit Mastercard using Tap & Go.

Product Name
ME Online Savings Account
Maximum Variable Rate
2.95% p.a.
Standard Variable Rate
1.30% p.a.
Bonus Variable Rate
1.65% p.a.
Introductory / Bonus Offer Conditions
To receive bonus interest for any calendar month you must have a ME Everyday Transaction Account and during that month make a weekly purchase with your ETA Debit Mastercard using tap & go. Bonus interest is only payable on balances up to $250,000.
Monthly Fee
Minimum Opening Deposit
Minimum monthly deposit for bonus interest rate
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Maximum Deposit
Joint application?
Minimum Age Requirement
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the ME Online Savings Account?

While comparing the benefits of ME's online savings account, keep the following features in mind.

Ongoing, variable interest rate of 2.95% p.a. on your first ME Online Savings account when you link with a ME Everyday account and make a weekly tap & go purchase.

The bonus interest is only payable up to amounts of $250,000 on the first ME Online Savings Account you open unless it was opened before 10 August 2015. You must link to your ME Everyday Transaction Account and make a purchase using your debit Mastercard each week with Tap & Go.

Base interest rate of 1.30% p.a.

Regardless of your savings account deposit or the amount of monthly deposits, your account balance will have a variable interest rate of 1.30% p.a. applied to it monthly.

Previously held an ME Online Savings account before 10 August 2015?

You’re only eligible for the bonus rate upon request – speak to ME on the phone today!

How is my interest calculated?

Interest on your balance will be calculated each day and paid into your account once a month. The bonus interest is only payable up to amounts of $250,000. You can compare savings accounts that award the maximum rate on balances greater than $250,000.

What if I've opened the savings account mid-month? Do I still get the bonus interest?

Unfortunately no, since you haven't met the weekly contactless payment requirement, you are not eligible for this month. However, you are still eligible to receive the bonus rate next month.

Are contactless payments actually safe?

Contactless payments are considered safe and are now rolled out on newly issued cards. For every transaction you make, your debit card generates a unique code that prevents you from being charged twice. The card has to be four centimetres away from the reader so people can't steal your information nor can you pay for other people's transactions.

If your card is lost or stolen and you report it right away, you are eligible for the Mastercard or Visa Zero Liability Guarantee which means you won't be held responsible for any unauthorised transactions. Read our Contactless Payments guide for more information.

What kind of things can I purchase with tap & go?

Contactless payment EFTPOS machines are available at everyday retailers, such as Woolworths, Coles, Caltex Petrol, 7-Eleven, etc.

How long does the bonus rate last for?

The bonus rate is currently ongoing, assuming you meet the conditions. It is a variable interest rate, so will most likely follow the RBA cash rate.

When does the weekly cycle start?

The weekly cycle starts from the first time you make your contactless payment. As long as you make a contactless payment every calendar week or every successive 7 day period, you'll be eligible for the bonus rate.

In summary, use it at least once every Monday to Sunday.

$0 Account management fees

There are $0 monthly fees charged to your account with the ME online savings account. The linked ME Everyday Transaction also doesn't charge any ATM fees or monthly fees.

$0 Transaction fees

ME Bank offers you unlimited transactions into and out of your savings account without charging any fees.

24/7 Online and phone accessibility

Your account information is available around the clock, allowing you to transfer money whenever you have need to.

$0 Minimum deposit

You do not need to make an initial deposit to open your savings account and there are no monthly minimum deposit requirements.

Deposit transactions

Easily make deposits from your nominated account with online banking. You are also permitted to make deposits from other accounts that are not directly linked to your savings account.

Withdrawal transactions

You are allowed unlimited withdrawals with this account by transferring the money into the transaction account you have linked to it.

Is ME owned by one of the big four? How can they offer such good rates?

ME is not owned by any bank, instead it is 100% owned by industry super funds. Instead of returning its profits back to shareholders, it goes back to its members who are the account holders.

Does ME have any branches?

ME is an online bank and doesn't have any branches. If you'd like to make a cash deposit into your account, you can do so via your local Bank@Post outlet. If you would like to speak to a member of its customer service team, the service centre is open Mon - Fri 8am to 8pm and Saturday 9am to 5pm.

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  • Competitive ongoing interest rate of 2.95% p.a. if you meet the conditions
  • $0 Account keeping fees


  • Weekly tap & go purchase required to earn the bonus interest rate
  • Bonus interest rate applies up to balances of $250,000
  • ME Bank doesn't have any branches

How do I apply for the ME Online Savings Account?

If you like the idea of total accessibility and no fees to save your money, you can apply for the ME Online Savings Account by clicking ‘go to site’.

Eligibility to apply online

Before following the link to the secure application form, make sure that you are eligible for the account by checking the following requirements:

  • Age eligibility. You must be at least 12 of age to open this savings account, and fill out the application on your own.
  • Resident eligibility. Citizens and permanent residents of Australia are eligible to apply as well as Australian residents for tax purposes. You must have an Australian residential address.
  • Account use. This savings account is intended for personal use only. If you are interested in a savings account for a business, company or trust, look into ME Bank’s business products and services.

Documentation you'll need when applying online

If you are eligible, gather the following documentation and click the ‘go to site’ button:

  • Identifying documents. Identifying documents include your Australian driver’s licence, passport, birth certificate or Medicare card. You will need information from at least two of these in order for ME to verify your identity electronically.
  • Nominated bank account. In order to be able to add to your savings account and make withdrawals, you will need to provide the account information for an everyday account.
  • Personal details. You will be asked to provide your full name, date of birth and physical address in order for your application to be processed.

What happens after I submit my application?

Once ME has verified your identity, they will open your savings account. Once open, you can begin making deposits or set up direct deposits to your savings account from another bank account.

Unfortunately, the bonus interest is only applied to your first ME Online Savings Account.
You don’t have to make regular deposits or withdrawals from the transaction account to qualify for the bonus rate. There are no hidden fees or penalties, but it’s best to check the Product Disclosure Statement before you commit to a product.
Unfortunately, the offer is available only for new ME members. Please note that other conditions apply.
The bonus interest rate is only available for new account holders. You will continue to earn a high yield, however, you may want to consider switching to another account.
There are no fees when withdrawing from this account.
The ME Online Savings Account and ME Everyday Transaction Accounts need to be opened in separate applications. It’s advisable that you open the ME Everyday Transaction Account first to obtain your BSB and account number, and then link it to your ME Online Savings Account during your application.
To our knowledge, the Government Guarantee is still available for new accounts with ME. Please see the official APRA website for more information.
You can contact your bank to request that they allow a one-time transfer of $250,000. However, this permission does depend on your bank’s policies. Alternatively, you can make multiple transfers into your ME account until you’ve transferred the full amount.
There’s no maximum amount you can transfer from your ME Online Savings Account.
Yes, it is covered by the Government Guarantee.
Unfortunately, the bonus interest applies to the first account you open and is for personal use only.
There is no monthly account-keeping fee and no minimum deposit required.
You can open an ME Everyday Transaction Account during your application for the Online Savings Account. Unfortunately, the rate is only available on one account: yours or a joint account holder.
Almost every savings account in the market today requires you to have a linked transaction account. This enables you to move funds in and out of your savings account. The ME Online Savings Account requires you to link it to the ME Everyday Transaction Account in order to earn extra interest. As we are not representatives of ME, we do not know why they require users to link these accounts together.
This account is required to take up the special bonus interest rate. Unfortunately, as we do not represent ME, we can’t comment on why it’s required. There are no monthly account-keeping fees, nor are there fees for the debit card, which comes with this account, or for EFTPOS purchases. ATM withdrawals are also free when using Westpac, Bank of Melbourne, St.George and BankSA ATMs. You will pay fees for making international ATM withdrawals and for making purchases overseas. For more information on the fees on this account, please check the terms and conditions.
You’ll need to contact ME directly regarding this matter. They’ll be able to help you with this issue.
The limit of up to $250,000 applies to each account, including joint accounts. No you won’t lose the bonus interest, the interest will just be calculated up to the balance of $250,000.
You can transfer funds into this account through the linked account you’re required to have. This can be set up to make regular payments into your savings account. For more information about how you might do this, please contact the institution your linked bank account is with.
The ME Everyday Transaction Account is an account which can be linked to the ME Online Savings Account. It offers a range of features and benefits which you can read more about here.
Anyone who satisfies the eligibility criteria can apply for this account, regardless of whether they’re a new or existing customer. However, the bonus rate isn’t available if you or a joint account holder has previously held an ME Online Savings Account.
Interest is calculated daily and paid monthly.
For direct product enquiries, please contact the customer service team at ME.
If you withdraw funds, you’ll still receive the maximum variable rate if you link this account with the ME Everyday Transaction Account. ME does have a mobile app that allows you log into Internet banking and to find your nearest ATM.
You can deposit cash or cheques at any Australia Post displaying the Bank@Post™ symbol. All transactions made at Bank@Post will require your card and PIN.
This will depend on the institution you’re moving funds to. In some cases, your new institution will be able to authorise a direct debit to move funds from your old account to the new one. Alternatively, you might also be able to conduct a regular transfer from your ME account. If you’re daily transfer limit is smaller than the amount you’re transferring, you might be able to request a temporary limit increase.
This account calculates interest daily and pays monthly.
Unfortunately, the ME Online Savings Account is designed for personal use only. ME has a separate range of products for SMSFs and investments available on their website.
Yes, funds are covered by the Government Guarantee up to $250,000 per person, per institution.
Unfortunately, this account is intended for personal use only. ME does have a business account which can be used for SMSFs called the Business Investment Account.
This account is a regular savings account, so you can make deposits at any time.
There are no annual or monthly fees for this account.
ME is an online bank and has no physical branches. You can use Australia Post offices displaying the Bank@Post symbol to make some transactions, and you can use ATMs from ME, Westpac, St.George and BankSA.
You’ll need to apply for a ME Everyday Transaction Account first, before applying for the ME Online Savings Account.
ME no longer runs any physical branches. Their services are now offered online or via telephone.
This account and other savings accounts require a linked everyday account to give you the ability to move money in and out of your savings account. This is because most online savings accounts don’t allow ATM access or the ability to pay anyone directly from the savings account. The everyday account doesn’t have to have a certain amount of money in it, but remember that to earn the bonus interest on this account you must link it to an ME Everyday Transaction Account. You can close this account at the end without any issues.
Generally speaking, if the funds are paid before 5:30 - 6:00pm, they’re usually credited the next business day. If they’re paid after 6:00pm, they’re usually credited on the business day after this.
There are no monthly account-keeping fees, EFTPOS fees, or fees for the Debit Mastercard which comes with the ME Everyday Transaction Account. There are fees for using this card overseas, for getting a chequebook and other less common transactions, so be sure to check our site regularly for up-to-date information. In terms of security, this account benefits from Mastercard’s Zero Liability protection, which means you won’t be held accountable for fraudulent or unauthorised transactions if you follow the conditions of use. The linked debit card also comes with a security chip for added peace of mind.
Your linked account can be a non-ME bank account, as long as they’re both in the same name.
This is correct. You’ll earn the maximum variable rate pictured in the table above if you’re eligible for the bonus rate. Once the introductory period is over, your balance will earn interest at the standard variable rate pictured above. Keep in mind that bonus interest is only paid on balances up to $250,000.
There are no minimum deposits or withdrawal penalties for this account.
This account can be opened as a joint account, but unfortunately all applicants for this account must be Australian citizens or permanent residents.
Yes, this is correct. Unfortunately, most institutions will have similar rules regarding these accounts. Some banks such as ANZ and CBA will allow people from overseas to open an account in Australia and require them to identify themselves upon coming to Australia, so you might want to enquire with them.
The ME Everyday Transaction Account isn’t required to be linked to any everyday transaction account. The ME Online Savings Account does require an everyday transaction account to be linked to it. Any ANZ account which is classified as an everyday account is eligible.
The biggest benefit of the ME Online Savings Account is the fact that you’ll earn the bonus rate of interest (if you’re eligible) without having to make a minimum deposit each month or regardless of whether you make withdrawals. This isn’t the case with many other accounts. It also doesn’t have account-keeping fees. It will take up to three business days to open your account after ME receives your application form.
You may wish to speak to ME directly regarding this. We’re a financial comparison service, so are unable to negotiate rates. Generally speaking, banks can be negotiated with, so it’s a good idea to speak to them.
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135 Responses

  1. Default Gravatar
    KennyOctober 21, 2017

    Hi I’ve got a few questions

    1. If I open up an account with ME, can I deposit funds from my other banks through online transactions directly? How long is process? Will there be any transaction fees incurred?

    2. Is the online savings account linked to everyday account automatically if I open them up simultaneously?

    3. Is it correct for me to assume that the transaction function of the everyday account is limited to transferring funds between accounts under ME?

    4. Are students under temporary graduate visa 48 eligible to open up the account?

    Thanks for your assistance.

    • Staff
      DanielleOctober 22, 2017Staff

      Hi Kenny,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      1. According to their website, you can make deposits whenever you like by transferring money from your nominated linked account using internet banking. You can also make deposits from an non-nominated account i.e. an account that is not currently linked to your Online Savings Account. You can open your account straight away online provided they can successfully ID you. ME Bank offers you unlimited transactions into and out of your savings account without charging any fees.

      2. It is not stated if it will be linked automatically, but you will have the option to link your Online Savings Account to any other bank account in the same name (where your account is held in joint names your nominated account must also be in the name of the joint account holders).

      3. According to their FAQ’s, they only transfer money to and from Australian bank accounts.

      4. You need to be an Australian citizen, permanent resident or resident for tax purposes with an Australian residential address.

      I hope this helps.


  2. Default Gravatar
    JaySeptember 29, 2017

    Hi The weekly tap and go requirement, does it have to be on a certain day of the week or any day of the week is fine? thanks

    • Staff
      RenchSeptember 29, 2017Staff

      Hi Jay,

      Thanks for your inquiry.

      Any day of the week is fine. You also need to link this account with ME Transaction Account within 14 days from account opening. If your linked account is a non-ME bank account, you will not be eligible for the bonus rate.

      Hope this helps.


    • Default Gravatar
      JaySeptember 29, 2017

      Hi, what if i am overseas and can not tap&go, can i simply make a purchase with the card?

    • Staff
      RenchSeptember 29, 2017Staff

      Hi Jay,

      Yes, you can still make a purchase using ME Everyday Transaction Debit Mastercard. It’s up to you if you want to use the Tap & Go feature. Open a ME Online Savings Account as well as a ME Everyday Transaction Account.

      Contactless payment EFTPOS machines are available at everyday retailers, such as Woolworths, Coles, Caltex Petrol, 7-Eleven, etc.


  3. Default Gravatar
    AbhishekSeptember 24, 2017

    Hi there,
    I was wondering where I can find information about the savings account with the 3.05% interest rate. I cant seem to find that information anywhere on your website.

    • Staff
      AnndySeptember 24, 2017Staff

      Hi Abhishek,

      Thanks for your question.

      The current maximum variable rate for this account is 2.95% p.a.

      The 3.05% rate was the rate offered in the previous months.


  4. Default Gravatar
    joanSeptember 15, 2017

    I have a small amount of savings to invest what is the best rate I can get

    • Staff
      JoanneSeptember 15, 2017Staff

      Hi Joan,

      Thanks for reaching out.
      Here is a link where you can check or compare options. The minimum deposit amount would also be indicated on that website.


  5. Default Gravatar
    JohnAugust 29, 2017

    To qualify for the bonus interest rate i need to make one tap and go transaction once a week through a ME-transaction everyday linked account, what if my linked account is a non- ME bank account do i still receive the bonus interest rate?

    • Staff
      AnndyAugust 29, 2017Staff

      Hi John,

      Thanks for your question.

      Yes, you are correct in that you need to make a weekly tap & go with your ETA Debit Mastercard to receive the bonus offer.

      You also need to link this account with ME Transaction Account within 14 days from account opening. If your linked account is a non-ME bank account, you will not be eligible for the bonus rate.

      I hope this helps


  6. Default Gravatar
    JanetteJuly 22, 2017

    What is minimum age to open an ME bonus saver account? My grandson is 15.
    If cash to deposit how is this done? Through ATM?

    • Default Gravatar
      JonathanJuly 22, 2017

      Hello Janette,

      Thank you for writing to us today. :)

      The minimum age is 12. The account must be opened under your name (as a guardian) on trust for the child, meaning the child cannot operate the account on his own. If you wish to deposit cash on the account, you must nominate any Australian financial institution under your name or held in joint, to deposit or withdraw money from the ME Online Savings Account.

      Please refer to the Product Disclosure Statement located on the website for further details.

      Hope this helps.


  7. Default Gravatar
    JakeJune 29, 2017

    Are there ATM withdrawal fees?

    • Default Gravatar
      JonathanJune 29, 2017

      Hi Jake!

      The linked debit MasterCard for this account is $0 ATM access at over 3000 ATMs, including ME, Westpac, St.George, Bank of Melbourne and BankSA. It also offers refund any withdrawal fees at any other ATM in Australia within 30 days.

      You can contact ME to know more! :)

      Hope this helps.


  8. Default Gravatar
    newJune 14, 2017

    If I set up a savings account with an Everyday Transaction account, are they linked? This website says they must be linked to get the bonus interest. Do I need to do anything?

    • Default Gravatar
      JonathanJune 14, 2017

      Hi there!

      Thanks for reaching out.

      Yes, as long as you nominate your ME Everyday Transaction Account where the ME Online Savings can withdraw or deposit money at.

      Please refer to the Product Disclosure Statement of ME Online Savings Account, page 6

      3.12 You may change your nominated account, or the details of your nominated account, at any time by calling us. We will tell you what information we need and what to do. Your new nominated account or requested changes will not take effect until verified by us.

      Hope this clarifies,


  9. Default Gravatar
    BarbaraJune 6, 2017

    Is there a yearly charge to tap and go weekly,and can 3.05% be paid for over $250,000

    • Staff
      MayJune 6, 2017Staff

      Hi Barbara,

      Thank you for your inquiry.

      There’s no yearly charge when you use the tap and go and with the ME Online Savings Account, you are allowed to have unlimited transactions into and out of your savings account without charging any fees.

      The Maximum Variable Rate of 3.05% p.a. is only payable on balances up to $250,000, more than that amount, the Standard Variable Rate of 1.30% p.a. will apply.


  10. Default Gravatar
    langJune 6, 2017

    Is Me covered under the Australian Government’s Deposit Protection Guarantee-FCS? Checking on the FCS list, I do not seems to be able to find Me?

    • Staff
      AnndyJune 6, 2017Staff

      Hi Lang,

      Thanks for your question.

      Yes, all ME’s savings accounts are guaranteed by the Australian government, up to $250,000 per customer. I’ve checked the FCS list and under Banks, you can find Members Equity Bank Ltd (ME Bank).


    • Default Gravatar
      June 9, 2017

      Thank you, Anndy.

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